I'm not normally one to discard maths but have you tried setting the beam up as a projectile (e.g. a laser), and flagging it as embedded and using the node Camera01 or Head or something? If it works...
E: Yeah, Bip01 Head works in 1st/3rd.
E: Yeah, Bip01 Head works in 1st/3rd.
Somebody else out there might know different (I'm hoping they do), but as far as I know objects attached to the camera01 node will not render in 1st person, they have to be attached to an arm node. Also, anything that's a part of the player model seems to render separately from the rest of the game world. Ever notice how your gun never clips through walls? Its rendered separate and overlayed (the 1st person model even has its own field of view setting). That means that if implemented that way, the light beam might look ok from the player's perspective, but it wouldn't illuminate anything (kind of get the feeling I"m repeating myself...)